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paying you more than fifty pounds a year, This statement exhibits the fall in the how are you to be paid your dividends in value of the capital; the fall in the value full? Hence, it is clear, that the Corn of any estate in the funds. That which Bill was more for your protection than was worth 95 pounds, in 1792, w for the protection of the farmers, who worth only 77 pounds in 1802, and only really eats and drinks of his owo produce. 66 pounds in 1814. But, far is this Your expences of living would keep pace of the matter shot of the real mark, with the price of the produce of the the currency, in which funds are bought land. In the end, the thing might be the and sold has also fallen in as great a prosame; but, if one balf of your dividends portion. A guinea is risen to 28 shillings; was deducted, on account of the fall in and, therefore, in real money, a hundred the price of produce, you would soon three per cents, at 66, as they were during discover, that a Corn Bill, or any other the peace of Paris, last year, were worth such measure, was more for your security only 49 pounds; and, at this moment, than for that of the farmer.

they are worth only about 44 pounds. In But, what is it, which has rendered the year 1792, the currency in which the high prices necessary to your security? dividends were paid, and in which funds WAR. War, which has augmented the were bought and sold, was equal in value taxes on the land, and which laed, to be to real money. So that, able to pay those taxes, must now have a

Guineas. Shillings high price for its produce. War, there. In 1792, you could have sold a fore, has been your great enemy, and not

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In May, 1815, you cannot sell To go no further, therefore, you, above them for more than.... all people, ought to regret the renewal

Is there any one of you, who can deny of war. You cry out against those who these facts? And, if you cannot, do you are opposed to war; you accuse them of still look upon those as the enemies of your seditious, and almost, of treasonable mo- property, who wish for peace ? Can you tives. You call them enemies of law and 'deny, that it is war, which has had this of social order. And for what? Because alarming effect upon your property? And, you look upon war against Napoleon as yet, do you blame those, who are against necessary to the security of your pro more war? That vile and prostituted perty ; when the fact is, as I will now

news-paper, the Times, wbich you all proceed to show, that war has been, and read, sometimes, in drawing a comparison must be, ruinous to that property, which, between the situation of France and Engthough no part has been violently seized land, talks about the comparative price of on; which, though you have still conti- the funds in the two countries ; and takes nued to receive your dividends to the full this as a criterion of national prosperity, nominal amount, has imperceptibly passed and of the solidity of the government. away from you to the amount of more Nothing can be more false than this printhan one half of what you really pos- ciple; but, suppose it to be true. There sessed in the year 1792. Your property is no such great difference in the price of has passed from your possession in two 1:e funds in the two countries at this ways : first in point of credit, or the value moment. The French funds are five per of the capital; and next, as to the cur- cents. Our five per cents are at 88 in rency in which the interest is paid. This

paper; in real money, they are wortod will clearly appear from the following pounds. And, we see, that the French statement of the price, the settled peace live per cents are worth, even now, 62 price, of three per cent. stock during the pounds in real money; for, in France, it peace, previous to the first war against the is gold, with which funds are purchased. Republicans of France, and of the subşe- So that, if you are to weigh pubļic opinion, quent peace prices.

popular confidence, and the solidity of In 1792, before the war against France, the governments in this scale, we have, on sicudy peace price of the Three per Cents. our side of the water, but little to boast

95 of in the comparison, though France is, During the Peace of Amiens in 1802, it was at this moment, surrounded by hostile After the Peace of Paris, in 1814, it was 66 / armies, though she is menaced with an

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invasion by a million of men in arms, , Amiens. Another 16 years of war, at and though millions of money are em- the same rate, would take away the replored, in all probability, to excite dis- maining 10 guineas. So that, even in case

sions in her cities and provinces. llave of a second Sl!ccess," you would be you ever seen the matter in this light be without a penny. But, it is not thus, that fore? Is it not time, then, for you to the thing would travel. The stone that begin to think?

rolls down a hill, even if the surface be Such is the state, to which you have smooth, goes swifter and swifter as it apbeen reduced by the “ great stalesman proaches the bottom ; and, if it meet with now no more” and his successors of both rubs in its way, its bounds add to its factions. Such is the price that you have velocity, till, at last, it comes, at a single paid for your support of those men and jump, 'like'a ball' from the cannon's their measures. Such is the fruit of those mouth. So it will be, because, so, from wars, which you were told were to secure the nature of things, it must be with you in the enjoyment of your property; funded property, if we now enter on a wars, which ended in placing the Bour- war of any considerable duration. bons, for eleven months, upon the throne To be satisfied of the truth of this, you of France; in restoring the Pope, the have only to look at what has taken place Jesuits, and the Inquisition, andin erecting in other countries, where there have been Holland and Hanover into kingdoms ; funding systems, and at the increasing wars, the success of which you have joined .force of the Debt in England. Şince the in celebrating!

funding system began, we have had seven But, now, if such have been the efiects wars. The debt created by each war is of war upon your property ; if, in fact, as follows: you, who had estates in the funds in

Ist War, whicli ended in 1697 £21,000,000 1792, have lost more than the half of 2nd War, wbich began in 1702 33,000,000 those estates, what are you ALL to expect 3rd War, Ditto 1739 48,000,000 as the consequences, to you, of another 4ih War, Ditto 1756 72,000,000 war? I shall lay out of account all the 5th War, Ditto 1775 108,000,000 possible dangers from a stoppage of the 6th War, Ditto 1993 297,000,000 sinking fund, or any other measure, to 7th War, Ditto

413,000,000 which necessity. might drive the minister for the time being; I shall suppose that

at 992,000,000 no danger can ever arise to you from There are perhaps, 30 or 40 millions internal commotions, produced by the of floating Debt, besides the amount of the pressure of war; but, I must assume, and arrears of the last war; so that, about I think, you will allow the assumption to eight years of war would, in all human be correct, that the thing will, at least, probability, bring the Debt to 1600 milgo on as it has done ; and, of course, that lions, at which point it would render the your estates in the funds will daily grow fuuds possessed in 1792 worth nothing at of less and less value, in proportion as the all. But, thie thing would hardly promass of debt is augmented. You are ceed; it would hardly get along, at any quite sure, that war will augment this rate, to this length. An addition of three mass; and, yet, you raise not your voices or four hundred millions, is, probably, as against war, but on the contrary, appear much as it would bear, before the whole to be disappointed, that blood has not thing would be blown up; for,by that time, yet been drawn.

the price of the guinea would be so high, The certainty that your estates will and the alarm would become so great, on continue to melt away as they have melted, your part, that you would sell your stock is, one would think, quite sufficient to at any price, till, at last, there would be make you deprecate the renewal of war. nobody to purchase. Having lost 50 guineas out of every 90

Is not this the natural march of your guineas that you possessed in 1792, in the property? Is there any one of you, who first restoration of the Bourbons, one will set his face against the facts, which I would think, that you would dread a have stated ? If wars have gone on adsecond success” of the kind as you would ding to the Debt in the above manner, dread the hour of death. The late wars why should not the same take place again? lasted 20 years, exclusive of the peace of If the value of your estates has fallen in

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the proportion of from 90 to 40, during passed the Legislature, appointing a the creation of 700 millions of Debt, will Navy Board. Commodores Hull, Bain. not another 5 or 600 millions take away bridge, and Rodgers, it is expected, will the whole of your estates? If you cannot be appointed Admirals, and put in care find any answer to these statements; if ' mission. A very powerful force, under they be true, and you are obliged to ac- the command of Commodore Bainbridge, knowledge them to be true, why should' is now fitting out for Algiers : it will conyoa shut your eyes to your danger? Is it sist of two new 74-gun ships, five frithe part of wise men; is it the part of gates, and ten sloops of war. men of common sense, to act thus ? not mistaken, the Algerines will rue the

The calamity of which I have been day when they provoked the vengeance speaking, I mean your total ruin, is to be of our tars. The Guerriere, under the prevented; but, it is to be prevented solely command of Morgan, sailed from this by peace and economy; that is, by getting port yesterday for New York, where she rid of all the heavy expences, except that is to be joined by the Constellation and of the National Debt." If all the other ex- Java frigates, from the Chesapeake, and pences were reduced the standard of the United States and Macedonian from 1792; if the Army, the Navy, the Civil · Long Island Sound: these frigates, with List, were brought down to the state of six sloops of war, form the first division that

year, the interest of the Debt might against Algiers, and it is said that 2,000 still be paid, and that, too, without a Corn 6 of Brown's rifle veterans will go with the Bill. It is, therefore, for peace and eco- 6 squatłron. T'he whole nation is decided nomy that you ought to petition, instead of for a navy: the Pennsylvania, a 74-gun joining in the cry of war, and in the abuse ship, will be launched at this place in the of those who have endearoured, and are (month of May. Large quantities of still endeavouring, to prevent that cala- timber are daily brought down the Dela. inity, a great one to ns all, but to you a ware and Schuyllkill for ship building. thousand times greater than to any other It is no more extraordinary than true, class of the community. Wm. CÖBBETT. (with what dispatch they build ships of Botley, i6th May, 1815.

( war in this country. The Peacock, of 18 guns, was built at Newbury Port in

18 working days! The Wasp was built LETTER VIII.

Cat New York in 20 days! The Superior, TO TIE EARL OF LIVERPOOL. Commodore Chauncy's flag-ship, of 64

guns, on Lake Ontario, took up only 30 On the Naval Force of the United States days from the laying of her keel until of America.

she had all her guns on board, and was My Lord,---From the beginning, and ready for a cruize. It is said Congress hefore the beginning, of the late war with intend to have the frames of the Lake America, I thought it my duty to warn squadron removed to the Atlantic.'you, that, one of the consequences of that Now, what does your Lordship think of war would be the creating of a great Nam this? Do you think, that it indicates any val Force in that country. I endeavoured thing of that disire, of which you were to describe to you the immense means of pleased to speak some time ago, on the America for such a purpose. Her fine part of the American people to put themrivers, bays, and harbours; her excellent selves under the protection of his Majesty's ship-builders, her hemp, iron, pitch, and government? Or, do you now begin to timber, all of her own produce ; and, above think with me, that it indicates the speedy all, her matchless seamen. Of the truth appearance of an American Fleet of 20 of this account you and your colleagues ships of the line and as many frigates on must, by this time, be pretty well con. the Ocean? Really, my Lord, this is of vinced ; but, I cannot help quoting, and far greater consequence to us, and to the ardressing to you, a paragraph from the world, than the erecting of thanover and Tines newspaper of the 16th instant, in Holland into kingdoms. The “ regular the following words :-“ Extract of a let governmentof Algiers will now find, I “ter from Philadelphia, dated the 17th dare say, that it must change its course; (6 of March:- Congress have at length but, the American Navy will not be emdetermined to have u navy-a Bill has ployed solely against this very "regular

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government.It will, and it must, make a while, to make conquests. But, as Proa figure in the world. It must act a great vidence has permitted him to come back to part. Four years will swell it to a re- France, and even to put out the Bourbonis, Svectable size. Before the end of that why' may not Providence permit him, in ame, if we have war with France, I pre- case France is attacked, first to defend dict, that we shall see an American fleet her, and then to sally forth in pursuit of of great force, carrying its "bits of striped her assailants? buntingacross the Atlantic.

If this should be the case, I think we It is for you, my Lord, who are a states. may rely upon seeing the American dumi. man and a prime minister, and for your rals in our seas; and, therefore, this bright colleague, who has recently returned should come in as an item in our esti. from Vienpa; it is for you, and not for mates of the consequences of war, if now me, to say precisely what will be the con made against France. With a stout Ame. sequences of this very important change rican fleet at sea, our West India Colonies, in the naval power of the world; but, as it and the Azores, belonging to our ally, is a Yankey subject, I will venture to Portugal, would be in any thing but a saguess, that the friendship of Jonathan tisfactory state. lì short,

would rewill soon begin to be courted by every quire tisty ships of the line and fifty frination who has either ships or commerce; gates to defend thein all. The Slave and, that, even already, some of them has Trade would soon be at an end, and the their eye upon alliances to be formed with whole face of the naval and commercial him, in order to deprive us of the power world would be changed. The fleets of of exercising a mastership on the high France would revive. Example, emula

At present the main use that I tion, have powerful effects. I beg you to would make of the above information, is, think well, and in time, of these things. to urge it on you as a reason for remaining I beg you to take your eyes, for a little, at peace with France. I do not want to from Hanover and Belgium, and to cast see an American newspaper to know what them on the other side of the Atlautic, the people in that country will think of where you will see what is much more the threatened war in Europe. I know dangerous to England than is the army of they will not have patience to read on Napoleon, numerous and brave as that single article in the Times newspaper with army may be. out throwing it down, and crying out for

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WM. COBBETT. more ships to be built and manned. The Botley, 17th May, 1815. war ended in a way to provoké and at the P. S. On looking over a file of Amesame time to encourage them. The past, rican papers, which have just reached the future, resentment, glory; every thing find the following official letter from the will concur in favouring wishes for a new Secretary of the Navy, to the Committee contest; and, though they build ships of ways and means of the House of Revery quickly in peace, they would do it presentatives. It clearly shews, that more quickly in war.

“ the encouragement and gradual increase Some will say, that, seeing this danger, “ of the navy (as observed by the National we ought, without delay, to fall upon Na-“ Intelligencer) is now a national sentipoleon, and to destroy him, conquer “ment:"France, and burn or capture all her fleet,

Navy Departmeut, Feb. 28th, 1815. before the Americans have time to build a Sir-Io compliance with your request, large fleet. Yes, if you could be sure of I have the honour to transmit an estimate doing all this in the course of this summer. of the expences of the navy, reduced to But, if you should fail. Failuro is possi- the demands of an establishment, accomble. It is sufficient for us to kuow, that modated to all the effects of the peace with it is possible. We may, indeed, do all Great Britain, but at the same time to that is wished; but, we muy be obliged to provide for the protection of our commerce come to a peace without doing any part of against the actual hostility of the Dey of it; nay, we may, as in the war of 1793, Algiers. An act that proposes the reduction draw the French armies out of France to of any part of the’naval force, is naturally our allies.

Louis le Desiré accompanied with a grateful recollection of ascribes the former successes of Napoleon the service which that force has rendered 10 Providence, who permitted him, forl to the nation. In the first movements of

me, I

over-run

the late war, the achievements of the navy should not be disposed to increase the excited admiration and confidence through- naval establishment, a different course out the United States, sheilding a lasting must be pursued. The three seventysplendour upon the American arms. Vic-fours (of which two may be soon comtory has invariably been the result of our pleted for sea, at a small addition navıl combats with an equal force; and expence) should be perfected in their guns even when the surrender to a superior and equipments, and laid up in ordinary force has proved unavoidable, it must be so as to be really for service upon the first acknowledged by the world, that those who emergency.--Four frigates should alidays have gained the ship, have not always be manned and ready for seu; and should gained the glory of the buttle. Co-cpe- be deemed to be in actual service, together rating with their brave and patriotic bre- with four sloops of war, four small armed thren of the army, the officers and 'crews vessels (to be principally employed as disof the American vessels of war hare , patch vessels) and two gun-boats in each greatly contributed to the honourable principal port. The flotilla may be disrestoration of peace; and whatever may charged, and the gen-boats (with the exbe the general policy of reducing the naval ception provided for) and the barges may establishment, it must be universally a be generally laid up or sold, as the presifavourite object to secure for those meri- dent may deem most expedient. The torious citizens a participation in the bles- ships and vessels on the lakes, or on the sings which they have conferred upon their stocks for the lake service, may also be country. Permit me, Sir, to take this op- laid up, or sold, as the president shall diportunity of recommending to your atten- rect. But it is respectfully suggested that tion the bill which has received the sanc- no greater reduction of our naval estab. tion of the Senate, for creating the rank lishment ouglit at this time to take place. of Admiral in our naval service. The The destinies of the nation appear to be measure is suited to the existing naval es. intimitely connected with her maritime tablishment, and appears to be necessary, power und prosperity--and as the creation not only as the means of furnishing com- of a navy is not a work to be quickly permanders of proper rank for our squadrons, formed, it seems necessary not only to but as the means of bestowing professional cherish our existing resources, but to distinction and reward upon the distin- AUGMENT THEM GRADUALLY AND STEAguished veterans of the navy. It has been dily. The purchase of timber, the castseen and lamented, that for want of this ing of guns, and the collection of all other grade of command, the gallantry of a sub- materials for building and equipping vessels ordinate officer could be rewarded by of war, at safe and convenient places, are promotion, while his gallant superior objects of the greatest importance; and officer must remain stationary. The the actual construction of at least one protection of cominerte against the hos- seventy-four and two frigates, is recom. tilities of the Dey of Algiers will re- mended upon principles of economy as quire, that a strong squadron should well as policy. Smaller vessels of war can be stationed, as as practicable, be built as the occasions occur, but these in the Mediterranean. The Algerine require time and care. Contracts for a naval force is believed to consist of four supply of two hundred heavy cannon to frigates, four corvettes, four sloops of war, be delivered at New York, Boston, or and twenty gun-boats; but these vessels Portsmouth (which afford at all times an will be covered and aided by the powerful outlett to the ocean) might be advantage. batteries which defend the harbour of ously formed. To these general views, I Algiers. To secure success in our opera - beg leave to add that an appropriation, for tions, therefore, and to command the ge- the purchase of the vessels captured by neral respect of the Barbary powers, it is Commodore Macdonough on Lake Champroposed, that the American squadron plain is necessary; and, as the estimated shall consist of two seventy-fours, six fri- value cannot be now ascertained, the apó gates, three sloops of war, and six or eight propriation may be made for such sum as small armed vessels; and an estimate shall be settled and agreed upon, with the of the expence of the expedition ac- approbation of the president. I have the companies this communication. If, how- honour to be, very respectfully, &c. ever, congress should not contemplate

B. W. CROWNINSHIELD. a maritime war against Algiers, and

soon

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